If you’ve just returned from another solar system, you might not know that Leicester City football club won the English Premier League title for the first time in their history in 2016. Starting the season as 5000-1 outsiders, they triumphed over many well known and better funded clubs. I confess that I am not a follower of football. As a Leicester citizen, I couldn’t help but be riveted to the media coverage of this local success story. So why am I writing about a football success story on a trading website, apart from the fact that Plan B Trading is based in Leicester? I think the undoubted success of Leicester City has many parallels with the trading world. Not least of these is belief. Even if those around them did not believe it was possible to succeed, the team held on to that belief. Their confidence led to many a successful match when pundits would have them in second place. In trading any given strategy, you must have the confidence in the strategy to deliver a result. Hesitation is not a characteristic associated with success. Another lesson we can learn from Leicester’s football success is the time it takes to become a national phenomenon. This did not happen in a single match any more than a single profitable Forex trade makes a successful trader. We cannot measure success in trading in a single trade. During the football season, Leicester did take some losses – not too many as it happens. There were quite a few matches they did not win. Did they let this affect their next game, or did they just train harder? By the end of the season, they had many more points than any other team. As a trader, you must not allow your mindset and confidence to be wrecked by a losing trade or a run of non-profitable trades. You need to cope and not carry this negativity into your next trade. This might mean cooling off by staying out of the market for a period of time. Or reducing your exposure until your confidence returns. Or it might mean spending some time with your coach or mentor revisiting some of the basics. At the end of the day, you must measure your trading success over the longer term and not a trade by trade...

After the huge success of the film adaptation of his autobiography, Jordan Belfort has become a man in high demand. I went along to his recent event at the ExCeL Centre in London, which was full with entrepreneurs keen to learn from his methods. Belfort brought every ounce of the USA with him, we were frequently encouraged to stand up, fist pump and repeat ‘yes’. His charisma was infectious and his passion spread like wildfire – it’s easy to see why people trusted him and bought from him. Belfort first went into business at 21 but he crashed and burned, he said one of the most important lessons to learn is that you have to learn from your failures. When you do fail it is essential to do so elegantly in order to move on with your head held high. There are two types of people he identifies: reason people and results people. Reason people are those who will always have a reason why they can’t progress their business (he also referred to these as ‘ducks’) and results people being those who will take action (or in Belfort’s case ‘eagles’). He explains that if you keep coming up with reasons why you can’t progress, you will never move forward – something that I see frequently with people that are looking to get involved in the forex market. The system that he associates his success with and has gone onto market is the straight-line system that he says he has been using his entire life. This system focuses on sales and your ability to stay focused during conversation, being the expert and building a rapport. This is noticeable in the film when you see his ability to close sales with ease, which he taught to hundreds of his staff. We all spent a fair proportion of the evening analysing our own abilities and seeing how we could move forward. He got us to evaluate how much money we thought we were worth as an investment and the skills we are able to offer. We were asked to rate ourselves on our emotional states, beliefs, vision focus and standards – as Belfort called our ‘Inner World of Success’. He was highlighting how essential it is to have a positive attitude and to analyse the way that we see ourselves. One thing that came across during this talk was having a clear vision of where you want to be and why you want to be there and achieve that goal. I found the evening a huge inspiration; it was definitely worth the time and the money. Jordan Belfort offers courses all over the world and for anyone needing a push to get their business in the right direction I would definitely recommend...

Most people work better when they have a set goal in their mind, I know that I most certainly do. This goal does not have to be set in stone but something to work towards and aspire to that can be reconsidered as you approach it. When it comes to trading I believe that one of the hardest things to do is to keep your emotions in check. At the end of the day we have to rely on money to keep our heads above the water and so when losing or winning sums of money it is hard to not become attached or emotionally involved. The best advice ever given to me when I was a young, budding trader was ‘know your limits’. Each person should consider how much he or she is okay to part with when entering a market such as this. Everyone has a different financial situation and so there will be completely varied numbers of how much each individual is okay to put at risk. When really analysing yourself and your personal situation you may be okay with risking £3 a day or £5 a day maybe £50 or £100. Another great piece of advice I was given: do not chase your money in the foreign exchange market. If one day you make a loss on your currency pairs do not invest more to try and compensate for the loss. Accept it! Keep your emotions at bay and stick to your trading plan. The last piece of advice I will disclose in this article is do not be greedy. Did you know how many pips you wanted to make today? Have you reached your daily or weekly target? Of course the choice is yours but it happens oh so many times where traders can see that the charts are fluctuating and have convinced themselves that it will continue like this, changing intermittently, for some time before creeping up again. It’s pretty much a 50/50 gamble and they are odds that I wouldn’t like to take because if it declines who knows how much you may lose when you could have walked away with a nice little profit. Obviously if it does continue to rise you may be irritated that you did not fully take advantage of that but is it worth the risk? Know your limits and what you are willing to gamble to get your ideal results. Do you know your limits when it comes to trading? If you would like some help keeping your emotions in check and setting a goal please get in touch to see how we can assist...

Success means different things to different people – our perception is what makes us all unique. When it comes to success I often feel that people put emphasis on more materialistic things. For me, success is about happiness and being content with what we do have rather than always striving for more. Don’t get me wrong more would always be welcomed but it is not essential for me to be happy. One thing that phases me generally about people is the lack of contentment in their jobs. So much time and energy is invested in our work place that I feel it is essential to be happy at work. Everyone gets frustrated by his or her job, it’s only natural to do so but when it becomes a long-term dissatisfaction it may be time to consider a career change. People generally seem to measure success by wages and money and I must admit I find it astounding that people would rank this higher or of more value than day-to-day enjoyment of life. There is a famous quote that goes something like ‘if you enjoy your job you will never work a day in your life’, for me this is so true. I absolutely love my job and there is nothing I would rather do on a daily basis, getting paid to do it is just a bonus. If you are at a point in your life where it is not practical to start fresh or begin a new career, would you consider a side project that may help you to make more money and eventually start a new career? Trading might be the right choice for you. For more details about how you can start trading along side your job please get in touch and find out about our...

It’s pretty evident while walking the streets of London that the world has changed drastically over the past 10 to 15 years. I’m not going to harp on about how I remember when the first mobile phones were released (but I do, and well). In fact, I think it’s quite astounding how accessible everything has become by carrying a smart phone with you. Back in the day it was hard to get information that you were looking for even using the internet or a library it seemed like such a prolonged process but now everything is available to you with just a few clicks on your phone. In a market as volatile as the forex market having access to your trading account and other sites that inform you about the market puts us all at such an advantage. Being able to access the market so easily means that as traders we can make informed decisions and buy and sell currency whilst on the go, no more anxiously waiting to get back to your desk or back home to make a trade. I believe technology like this has changed and will continue to change the way that people view trading, encouraging more people to trade. Using trading apps means it is now more accessible than ever for people to trade – especially when trading is not their full time occupation. One benefit of learning to trade with Plan B Trading is that we offer courses and mentoring via Skype. Similarly to trading apps you can be anywhere in the world and we are still able to assist you on your trading journey. If this is something that you are interested in please click here to ask us for more details. We want to hear from you – have trading apps and smart phones made it easier for you to trade or do you prefer more traditional methods? Leave us a comment or get in touch via...

More and more people consider becoming traders in the foreign exchange market. Their enthusiasm will soon be diminished due to information overload and early stage losses. Can this be avoided? Many beginners lack a clear guidance during their critical early stages. It is very easy and highly likely to simply get lost in the ocean of knowledge online, since it is hard to evaluate the quality and relevance of the information presented on the Internet, especially as a beginner. So what does a beginner need? Human interaction. It is crucial to find a successful trader who has been through the same process you are trying to manage and therefore will be able to guide you properly. They will be able to tell you where to look at, what to stay away from and what to focus on. They will give you incredibly important insights that will prevent you from losing your money and more importantly, from losing your faith and motivation. If you are considering becoming a professional trader, I highly recommend you start working for one, by offering them help with general tasks (e.g.: social media activities, administrative work etc.). Only by spending time around a successful trader you will learn faster and far more efficiently how to become one yourself. From personal experience I know how easy it is to get lost online. After reading countless articles and strategies I decided to jump into trading. I felt confident with my knowledge. I lost my starting capital within just a few days. My disappointment made me stay away from the foreign exchange market for quite a while, until I decided to return. I changed my approach and started working as well as learning in a professional investment environment. I found out why I failed and fine-tuned my skills by talking to professionals about it. After spending only a few weeks in this environment, I understood my mistakes and gained a lot more powerful insights. What brought me back on the path of success was the human interaction. “Only a fool learns from his own mistakes. The wise man learns from the mistakes of others.” – Otto von Bismarck If you don’t know anyone in your personal network that could help you on your journey, you have to expand your contacts. While tools such as Facebook, LinkedIn, Google+ and many others help you get and keep in touch with people from all over the world, they do not substitute real human interaction. A great way to start is LinkedIn and forex related groups where traders, analysts, experts and brokers meet. By asking questions, discussing problems and developing strategies, one can take part in this exchange of knowledge and information by providing his pool of experiences and at the same time, learning from the ones of others. Especially for beginners it is a great way to learn quickly and avoid costly mistakes. The more valuable you make yourself for the community, the easier you will get something back from the community – in the form of contacts or information. The most crucial step in the beginning is to cut all the noise and focus on the few, but essential signals. Engaging with trading professionals will help you do exactly that. These 5 steps will help you kick start your trading:...

Sometimes it’s really hard to get motivated. I think that the majority of us suffer from this lack of motivation from time to time. We all have things that we want to accomplish and we make excuses – there are not enough hours in the day, I was going to do it but then XYZ came up. The truth is if we want to do something we should push and motivate ourselves to do it. Believe me, I understand that it is easier said than done. One of the most underrated and underused ways to get motivated and keep motivation going strong is by taking part in an activity with someone else. You push each other to continue, persevere and progress. This also applies to trading. Plan B Trading offers coaching for pairs and our previous experience suggests that when people start their journey in pairs they progress, develop their skills and enter the real market much quicker. It is always great to be able to talk to and confide in someone who knows exactly what issues you are facing and people who are in a similar situation are often more empathetic as they are experiencing similar struggles. Trading in pairs can bring you closer as there is more common ground and there will always be market issues to discuss. Our courses take place in London, Birmingham, Leicester, Manchester, Southampton or can even be scheduled over Skype should that be more convenient. If you have any questions about trading in pairs or the courses we offer please do not hesitate to get in touch or contact us on...

Financial freedom, or financial independence, is generally defined as a person having enough funds to be able to live their life the way they desire without being burdened by financial worry. In this day and age, I believe that financial freedom is more of a mindset – it is about more than having disposable money and it is about more than being rich. Financial freedom is a state of mind that allows us to be carefree and to do the things that we desire and act in a way that truly represents who we are. Everyone seems to be striving to become rich and to score a job with a six-figure salary but I believe a significant part of being financially independent is about learning to not live beyond your means. It is essential to be able to budget for your income and to be relatively ruthless in terms of what you can realistically afford. As well as managing money I believe that financial freedom is also directly linked to our time and how we use our free time. If we start to utilise our free time and spend time doing the things that will make us happy I believe we will be moving towards a state of mind that is closer to financial freedom. Maybe financial freedom is not possible just yet for some of us but we always have the choice in how to budget for our everyday lives and we have the choice of how we spend our time. We should be optimising these aspects of our lives to ensure that we are making the most of our time and our finances. What does financial freedom mean to you and how do you plan to achieve it? It would be great to hear your feedback so please leave us a comment or get in touch via...

There are several assumptions that are made almost immediately when people learn that I am involved in the foreign exchange market. The first is that I must be commuting into London Monday to Friday to a high-powered, relentless job. The second is that because I am a trader I am obviously rich. Let’s address the first point first. One of the biggest appeals to me when I began my journey into the forex market was the flexibility. It isn’t like the stock exchange market where there is a physical building dedicated to traders; I think this is what so many people find appealing. You can trade in the forex market in the comfort of your own home and now with smart phones while you are on the go too. This gives people the option to trade on the side of a full-time job or to trade full time wherever you may be. Moving on, it always baffles me that people immediately associate trading with a large sum of money in the bank. In most professions the longer you are there, the more skills associated to your role you develop which increases the amount of money you make. Trading is not dissimilar from that concept, the more you know about the market and the external influences your chances of losing money in trades becomes less and less. I have never viewed trading as a ‘get rich quick scheme’, which I believe many onlookers do. It is about developing skills and then using those skills to ensure that you limit your losses and learn from your experiences. Over time this can lead to a significant income and financial freedom but this does not happen over night. It would be great to hear from other traders on this subject. Do people assume you have an astronomically high income when you mention that you are trading? Please leave a comment or send me a...

Most courses that teach you about forex, the market and trading come at a price. This cost is justified by the fact that the knowledge that you are gaining on the courses are a skill that can lead to financial independence. That being said I find it quite astounding that delegates are willing to invest a significant amount of money to learn but then do not take these skills that they have learnt and apply them to the market. They have the resources they need and at least some experience live trading (a perk of Plan B Trading courses) but do not make an investment in their trading account. If it is confidence that these delegates are lacking there are plenty of resources out there, that now thanks to the internet and smart phones are more accessible than ever. Plan B Trading even offer support sessions and after-care schemes so that each individual does have the confidence to start trading. Another issue I have found is that the longer people leave it to make their initial investment in their own trading accounts the more they start to doubt their own ability and their knowledge. Here’s my advice for that – start small. Only invest money that you are willing to lose. Each trade can be as little as £3 worth of currency. Experiment; get a feel for the market, the currency pairs and the software that you are using. As your confidence grows increase the amount of money you are using for each trade. It really is a case of slow and steady wins the race and there is no shame in that whatsoever. It would be a shame to make that initial investment and then go no further with it. By doing that you will never see any return on your initial investment and no one wants that. It’d be great for people to shed some light on this common issue, so please leave a comment or get in touch via Twitter. If you have any questions about the market or our courses please do not hesitate to get in...